Take advantage of pension tax breaks with a Sipp

Isas are a good choice for most types of saving, but your workplace pension and/or a self-invested personal pension can be a better option for your retirement.

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Saving for retirement isn't scary the workplace pension is here to help

A pension is more restrictive than an Isa you can't get at your money until you reach a minimum age (55 at present for most schemes, rising to 57 in 2028) and you will have to pay income tax when you take it out. These disadvantages are offset for many investors by generous up-front tax relief on your contributions.

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Ruth Jackson-Kirby

Ruth Jackson-Kirby is a freelance personal finance journalist with 17 years’ experience, writing about everything from savings accounts and credit cards to pensions, property and pet insurance.

Ruth started her career at MoneyWeek after graduating with an MA from the University of St Andrews, and she continues to contribute regular articles to our personal finance section. After leaving MoneyWeek she went on to become deputy editor of Moneywise before becoming a freelance journalist.

Ruth writes regularly for national publications including The Sunday Times, The Times, The Mail on Sunday and Good Housekeeping, among many other titles both online and offline.